Driven Brands (NASDAQ:DRVN) Given New $20.00 Price Target at Canaccord Genuity Group

Driven Brands (NASDAQ:DRVN) had its price target increased by Canaccord Genuity Group from $19.00 to $20.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently weighed in on the company. Baird R W raised Driven Brands to a strong-buy rating in a research note on Friday, August 2nd. BMO Capital Markets initiated coverage on Driven Brands in a research note on Monday, July 22nd. They issued a market perform rating and a $14.00 price objective for the company. The Goldman Sachs Group increased their price objective on Driven Brands from $14.00 to $16.00 and gave the stock a neutral rating in a research note on Friday, August 2nd. Robert W. Baird increased their price objective on Driven Brands from $17.00 to $18.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Finally, Benchmark reissued a buy rating and issued a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $16.95.

Driven Brands Stock Down 0.7 %

DRVN stock opened at $14.84 on Thursday. The stock’s 50 day simple moving average is $13.73 and its 200 day simple moving average is $13.33. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $16.00. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.91 and a current ratio of 2.11. The company has a market cap of $2.43 billion, a P/E ratio of -3.18, a price-to-earnings-growth ratio of 0.82 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. The business had revenue of $611.60 million for the quarter, compared to the consensus estimate of $628.34 million. During the same period in the prior year, the business earned $0.27 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts expect that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in shares of Driven Brands in the first quarter valued at approximately $26,000. GAMMA Investing LLC grew its holdings in Driven Brands by 49.3% during the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after purchasing an additional 904 shares during the period. Parallel Advisors LLC grew its holdings in Driven Brands by 579.2% during the fourth quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock valued at $49,000 after purchasing an additional 2,931 shares during the period. Innealta Capital LLC bought a new position in Driven Brands during the second quarter valued at $86,000. Finally, Wedmont Private Capital bought a new position in Driven Brands during the first quarter valued at $159,000. 77.08% of the stock is owned by institutional investors.

Driven Brands Company Profile

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.